Bank Account

With so many kinds of bank accounts offered by different banks nowadays, you're probably at a loss regarding which one to choose as well as with which bank to transact with. At Bank Account, we make sure to provide you with essential information about banks and bank accounts so that you'll be more enlightened about the various types of bank accounts available nowadays. Once you have already familiarized yourself with the different kinds of bank accounts, you can then make your decision. Below are just some types of accounts that banks offer.

Savings Account

A savings account allows you to make withdrawals frequently, although the number of withdrawals that you can make each month has a limit. One drawback of getting this kind of account is that you won't be able to use cheques to pay your bills. Due to the advent of the Internet, there are now many banks offering high yield savings accounts that will allow your money to earn more interest.

Time Deposit

A time deposit, also called term deposit, is a deposit of money at a financial institution that cannot be withdrawn for a specified term or period of time. When that certain term is over, the depositor can choose to withdraw the money or keep it in the time deposit account for another term. What's good about time deposit accounts is that these offer you with a guaranteed interest rate for the specified term. Aside from that, you won't be tempted to withdraw your money so you can be sure that it's safe in the bank, growing more and more over time.

Chequing Account

A chequing account, also known as transactional account, is a deposit account held at a financial institution for the purpose of quickly and securely providing access to funds on demand frequently. Some chequing accounts pay interest, whereas there are also some which do not. With a chequing account, you can use the cheques for paying your bills as well as for purchasing products or paying for services. You can even use these cheques to transfer money into accounts at other banks. With a chequing account, you don't need to have cash with you all the time and you won't have to go through the hassle of finding an ATM and withdrawing money when you need it.

The aforementioned types of accounts are just some among the wide variety offered by banks. These accounts each have their own advantages and disadvantages. What you have to do is assess your needs and determine which type of account will be best for you. Different banks offer varying interest rates, so factor that in among your considerations before you choose which kind of account to open.

The search results do not include all savings account providers and may not include all features relevant to you. Ratecity is not suggesting or recommending a particular product. Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. For further details refer to RateCity's FSCG. Maximum rate includes base rate plus bonuses, if applicable. Interest Earned is indicative only, and based on the the maximum interest rate for this product over a one month period. Conditions may apply in both instances.